Failed bank, FDIC sue UPS unit - Dallas Business Journal
Less than two weeks before it failed, Millennium State Bank of Texas sued a small-business lending unit of United Parcel Service, claiming UPS duped the bank into making bad loans and knew about kickbacks to a bank executive.
The three loans totaling about $10.7 million wouldn’t make or break the failing institution, but it provides a glimpse into how something beyond a sour economy and bad loans may have contributed to the small bank’s demise.
Less than two weeks before it failed, Millennium State Bank of Texas sued a small-business lending unit of United Parcel Service, claiming UPS duped the bank into making bad loans and knew about kickbacks to a bank executive.
The three loans totaling about $10.7 million wouldn’t make or break the failing institution, but it provides a glimpse into how something beyond a sour economy and bad loans may have contributed to the small bank’s demise.
